Lithic Resources Ltd., based in Vancouver, British Columbia, said Wednesday it will acquire a 100 percent interest in the Crypto zinc project about 100 miles southwest of Salt Lake City, from EuroZinc Mining Corp.
Lithic said the deposit was discovered and explored by Utah International from 1961 to 1985 and then further drilled by Cyprus Minerals in 1990 and 1991.
The deposit is held by EuroZinc's wholly owned subsidiary, NPR (US) Inc. The agreement calls for Lithic to purchase NPR in return for the issuance of 1.5 million shares to EuroZinc along with a cash payment of $25,000.